Malaga Cove Capital LLC Sells 1,402 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Malaga Cove Capital LLC lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.9% during the fourth quarter, Holdings Channel reports. The firm owned 34,208 shares of the semiconductor company’s stock after selling 1,402 shares during the period. Marvell Technology makes up approximately 1.5% of Malaga Cove Capital LLC’s portfolio, making the stock its 15th largest position. Malaga Cove Capital LLC’s holdings in Marvell Technology were worth $3,778,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of MRVL. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology in the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology during the fourth quarter worth about $27,000. Financial Life Planners bought a new stake in Marvell Technology during the fourth quarter worth about $33,000. Lee Danner & Bass Inc. bought a new stake in Marvell Technology during the fourth quarter worth about $35,000. Finally, GHP Investment Advisors Inc. lifted its stake in Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 112 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,286 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $65.00, for a total value of $83,590.00. Following the sale, the chief accounting officer now directly owns 32,094 shares in the company, valued at $2,086,110. This trade represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at $7,818,537.36. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,176 shares of company stock worth $2,111,528 over the last ninety days. Company insiders own 0.19% of the company’s stock.

Marvell Technology Stock Performance

MRVL stock opened at $65.48 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $56.56 billion, a price-to-earnings ratio of -38.52, a P/E/G ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The firm has a 50 day moving average of $60.54 and a two-hundred day moving average of $89.11.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research report on Thursday, March 6th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Roth Capital set a $100.00 price target on Marvell Technology in a research note on Thursday, March 6th. Finally, Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $111.27.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.